Nvidia Stock Slips Further: Key Price Levels to Watch

Nvidia (NVDA) shares have been on a rollercoaster ride this year, with the AI chipmaker's stock surging 165% in 2024. However, the past few weeks have seen a correction, with shares falling 12% from their record high, raising concerns among investors. Despite the recent decline, analysts remain bullish on the chipmaking giant, with Bank of America and Bernstein maintaining 'top pick' status and price targets of $190 and $175, respectively. As Nvidia's stock continues to fluctuate, investors should keep an eye on key price levels to capitalize on potential buying opportunities.

Nvidia's recent stock price decline has entered correction territory, with shares down 12% from their November peak. This correction is less severe than the 20% drop experienced in late 2021 and early 2022, suggesting a potential rebound could be in the works. Historically, Nvidia has recovered from corrections within a few months, with the stock price often reaching new highs. Investors should watch key support levels around $136, $115, and $97, as well as a measured move price target at $186, for potential buying opportunities.



Analyst opinions and price targets play a significant role in influencing Nvidia's stock price. Despite the recent correction, analysts remain bullish on the chipmaker, with a consensus price target of around $176. Bank of America and Bernstein have even labeled Nvidia a "top pick," with price targets of $190 and $175, respectively. This optimism is likely driven by Nvidia's dominance in the AI chip market and strong fundamentals, such as its 165% year-to-date gain. However, as the stock enters correction territory, analysts may reassess their targets, potentially leading to a shift in investor sentiment.

Nvidia's earnings reports have historically driven significant stock price movements. In Q3 2024, the company reported revenue growth of 120% year-over-year (YoY), driven by AI and data center demand, sending shares up 10%. However, recent concerns about overheating issues in its Blackwell chips and geopolitical tensions have led to a 12% correction. As Nvidia's earnings approach, investors should watch key support levels around $97, $76, and $48, with a potential price target near $270 based on a bars pattern. The upcoming earnings release is expected to show revenue and profit growth of over 80% YoY, with investors focusing on Blackwell chip shipments and supply constraints.

Nvidia's recent underperformance, with shares down 12% from their peak, has not deterred analysts' bullish long-term outlook. Despite the correction, the consensus price target remains around $176, with Bernstein predicting an "exceedingly good year" in 2025. This optimism is reflected in other semiconductor stocks, such as Broadcom, which surged 24% following strong earnings, indicating that investors remain confident in the sector's growth prospects.

In conclusion, Nvidia's stock has slipped further into correction territory, down 12% from its record high. While analysts remain bullish on the chipmaking giant, investors should watch key support levels around $136, $115, and $97, as well as a measured move price target at $186, for potential buying opportunities. As Nvidia's earnings approach, investors should focus on Blackwell chip shipments and supply constraints, which could drive the stock's performance in the coming quarters. Despite recent underperformance, the semiconductor sector remains a popular choice among investors, with other stocks like Broadcom surging following strong earnings.